Keynesian

Keynesian economics, which had been nearly forgotten inside the macro field, has found new voices from outside.

NARRATOR: For what came to be known as the "Thirty Glorious Years, " Keynesian economics had been delivering the goods.

But now, after more than three decades in the wilderness, Keynesian-style fiscal policy seems to be staging a comeback.

These myths were injected into the mainstream mainly by Keynesian economists or demand-siders who were trying to influence public policy.

Renowned economist Hyman Minsky explained that this was one of the inherent flaws of the Keynesian neo-classical synthesis.

On the economic front, it would be wise to have a plan B in case Keynesian fears about overstringent cuts turn out to be right.

Thatcher had no time for conventional, Keynesian economists who urged her to use government money to lessen the pain.

After dining with a group of Keynesian economists in Washington, in 1944, Keynes commented: "I was the only non-Keynesian there. "

It would put Americans to work quickly and raise productivity in the long term, a Keynesian kick with benefits for years to come.

Barack Obama appears to most people (if not to Paul Krugman) to have brought back Keynesian economics with a vengeance.

The fiscal strategy of a direct stimulus to the economy is straight out of the Keynesian copybook .

Even Ezra Klein is beginning to question the Keynesian economic models of Blinder and Zandi that "got it so wrong. "

Then, from the 1960s the Fed adhered to Keynesian theories and was pressured by the White House and Congress to prioritise low unemployment.

This leakage dramatically decreases the effectiveness of any Keynesian stimulus.

If Keynesian stimulus is to be the order of the day , greenery seems a good sector in which to apply it.

There would be a Keynesian school, a Keynesian economics, but no Schumpeterian school, and really no Schumpeterian economists.

I don't know what impact they're having, and I suppose they have different views on Keynesian macroeconomics than I have.

Ultimately, the Keynesian revolution was a triumph not of good science over bad science, but of good judgment over bad judgment.

But as events unfold, you can be sure that policymakers in the Fed and Treasury will be looking at them through a Keynesian lens.

In doing so, the bank discovered the hazards of praising Keynesian policies in the wrong context.

The budget did not give the go-ahead for demand-stimulating Keynesian investment.

Fiscal stimulus is the Keynesian answer to the kind of depression-type economic situation we're currently in.

This conviction eventually led to my involvement in a line of research now called New Keynesian Economics.

The general trend of the change is to abandon the Keynesian modal, and to pursue the new-liberal policy.

Most importantly, at least from a Keynesian perspective, he boosted government spending by 47 percent in just four years.

Other Keynesian episodes generated similarly dismal results, though fortunately never as bad as the Great Depression.

It can't be addressed through the sort of short-term Keynesian stimulus some on the left are still fantasizing about.

What Professor Krugman has done is to take Keynesian theory back to its capital-free roots.

"Overheating" is the Keynesian term for price inflation arising as a result of too much monetary pumping into the economy.

In theory, Clinton is a mixture of economics, Keynesian, monetary, and supply of school and school of a mixture of rational expectations.

The harder institutional change is to induce policymakers to give up the "deep Keynesian project" .

That had ended with a Keynesian public-spending binge, the orthodoxy of the day, to stimulate the economy.

So that would be most macroeconomics since the original Keynesian revolution?

But he does give a lucid and straightforward account of Friedman's challenge to Keynesian economics.

Ironically, John Maynard Keynes might not be a Keynesian if he were alive today.

This, as well as the New Deal, was supported by most intellectuals with the justification of Keynesian economics .

Standard economic models, such as the "workhorse" new Keynesian model, did not predict the crisis.

So any stimulus then may have had a Keynesian effect.

The ideological roots of the conservative era lay in a reaction to the excesses of the Keynesian consensus.

Indeed, much of the evidence that Keynesian economics works comes from tracking the effects of past military buildups.

In the Keynesian national-income identity, G represents government spending, not the budget surplus.

But one should not confuse corporate welfare with a Keynesian stimulus.

Monetary policy really plays the role of macro-control after Keynesian revolution in 30 years of the 20th century.

The difficulties inherent in this challenge explain why Keynesian fiscal policy has been out of fashion for decades.

Policymakers have responded to successive economic downturns in essentially the same Keynesian way since the 1950s.

In it, he sums up the Keynesian views on saving, consumption, and government spending.

Those episodes of Keynesian policy were ineffective, but that has not dimmed enthusiasm for the approach.

If you reread Krugman's commentary on his chart, that's exactly what he himself says the Keynesian story means.

Following Ronald Reagan and Margaret Thatcher, Keynesian full employment policies were abandoned and markets deregulated.

China will have to pay a high price, Zhao warned, for its twisted and lopsided understanding of Keynesian economics.

There was a cost to this Keynesian victory, however.

In Keynesian terms the issue was much more one of politics than economics . . .

Rational expectation theory clarified the underpinning for the Keynesian liquidity theory.

According to conventional new Keynesian analysis, sticky prices are the ultimate market imperfection that makes aggregate demand matter.

That confounded the Keynesian theorists who believed then, as now, that federal spending "stimulus" would restore economic health.

In the ensuing three decades, the traditional Keynesian economics in the research, development paradigm to the historical peak.

The vulgar Keynesian in effect treats living for themoment, and only for it, as a major virtue.

Keynesian interventionism was still the overwhelmingly dominant paradigm in the mid-1970s, though it was already on the cusp of decline.

In fact, say analysts at HSBC, a bank, its Keynesian splurge is one of the world's least green.

The Federal Reserve has not actually stumbled into either a Keynesian or Krugman-type liquidity trap.

And by acting on that anti-Keynesian belief, they ended up proving Keynes right all over again.

Many Keynesian economists are aghast, arguing that savage budget cuts will fell a fragile recovery and condemn the rich world to deflation.

devotes several pages to the evils of Keynesian and its exponents in the administration.

But that's very far from rejecting the basic Keynesian insight that demand matters.

In a simplistic Keynesian model with "no time and no capital, " it's not surprising that Krugman finds the Austrian story nonsensical.

The first was the introduction of Keynesian economics itself.

The Keynesian fallacy of the paradox of thrift relies on their confusion between real wealth and nominal wealth.

Keynesian economics focuses on aggregate demand to explain levels of unemployment and the business cycle.

Smaller countries find it harder to apply Keynesian fiscal policies, or pursue autonomous monetary policies.

The Keynesian consensus was summed up when that most Ivy League of presidents, John Kennedy, received an honorary degree from Yale.

Because someunemployment always exists, the vulgar Keynesian always wants the rate ofinterest to be lower than it is.

Has Keynesian economics been proven wrong now that it has been put to the test?

The Keynesian task of "demand management" outlived the Depression, becoming a routine duty of governments.

The academic evidence on Keynesian growth effects of fiscal deficits is thoroughly inconclusive.

When a restrictive budget is added, growth does indeed decrease at first, due to standard Keynesian principles.

I worry that mainstream Keynesian macroeconomics is little more than fancy camouflage for make-work bias.

Keynesian (or Hitlerian) policies unleash the sword of the state on the whole population.

Mainstream economists and the financial press are usually Keynesian.

Keynesian demand management was abandoned in favour of the monetary approach.

Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories.

We knew this from Milton Friedman's permanent income hypothesis, or even from good old Keynesian multiplier theory.

That question, however, would make sense only if Keynesian economics had really been tried.

Finally, the Keynesian myth of hoarding must be dispelled.

My approach is "Keynesian" : in extreme moments, the excess of desired savings over investment soars.

His Keynesian instincts (he hails from France's Socialist Party) proved right for the times.

Calls for increased infrastructure spending fit well with Keynesian theory.

Capitalism 4 controls government spending but prefers Keynesian stimulus to budget-balancing austerity.

New Classical- Keynesian interest rate theory is an important progress to the development of interest rate determination theory.

So beating up savers can be represented as a kind of Keynesian demand management.

The situation reverses, Keynesian theory says, only when some event or policy increases aggregate demand.

Americans live in a country where 99% of those who studied economics in college were taught voodoo Keynesian economics.

Barack Obama appears to some people to have brought back Keynesian economics with a vengeance.

The vulgar Keynesian does not understand what the rate ofinterest really is.

The current crisis has revealed the Keynesian roots of mainstream economics.

The stimulus worked, and became an essential component of Keynesian policies, inspiring the stimulus package of 2009.

Whether you look at this as a Keynesian or a monetarist, you come to the same conclusion: the world economy is in serious trouble.

Instead Poland could afford a classic Keynesian response to the downturn.

Pouring liquidity into real estate is the Keynesian equivalent of digging ditches and filling them with stones.

Kennedy's council of economic advisors had drafted his speech along Keynesian lines.

This model exhibits the typical Keynesian result whereby a fiscal stimulus permanently raises the level of output.

But the "shock and awe" approach to Keynesian stimulus has an unfortunate consequence.

Keynesian economists often dismiss these long-run concerns when the economy has short-run problems.

By contrast, Japan spent trillions on Keynesian "stimulus" schemes after 1991, doubling the ratio of national debt to GDP.

It was in many ways the epitaph for the Keynesian era.

If we take the example no further than this, we cannot say that the Keynesian claim is wrong.

According to simple Keynesian models, the rationale forincreased government spending during a recession is straightforward.

To Keynesian converts that outcome would simply call for more stimulus.

The package was of truly Keynesian proportions.

President Franklin Roosevelt was never a Keynesian.

The Keynesian case for tolerating a budget deficit almost made itself.

To Keynesian critics the switch to austerity is a colossal blunder.

This is the case, for instance, for most aggregate demand shocks, e. g those produced by contractionary Keynesian fiscal policies.

And Keynesian thinking lies behind Mr. Obama's plans to rescue the economy.

Keynesian theory suggests a "paradox of thrift. "

THE world economy has been injected with the biggest Keynesian cocktail yet seen in peacetime.

The current Keynesian mindset rightly observes that we have a shortage of aggregate demand.

The study on the condition of reproduction process issues finds a money-flow mechanism, and gives birth to Keynesian economics.

This is a contemporary version of the old Keynesian versus monetarist dispute.

We are seeing, in this financial crisis, a rebirth of Keynesian economics.

In declaring Keynesian economics vindicated I am, of course, at odds with conventional wisdom.

The heyday of Keynesian economics came to an end in the stagflation of the 1970s.

In the 1930s, Sweden pioneered Keynesian demand management.

Although we don't admit it, we are actually applying Keynesian remedies, and I am a confirmed Keynesian.

The Americans want to emphasise co-ordinated Keynesian spending to jolt the world economy back into life.

Well, I could. And did. And so did others who understood the Keynesian economics Mr. Paul reviles.

Keynesian economics has been "proved false, " Cochrane, of the University of Chicago, says.

And the results were clearly Keynesian.

The new fund ( "IMF 2. 0" as Time magazine called it) believes in casual Fridays and Keynesian policies.

One era's deficit hawk is another era's Keynesian.

So, in the future whether there is neo-liberalism and neo- keynesian cooperation, in theory, to construct a higher model?

During the Bush years, so-called stimulus legislation based on "Keynesian" theory was enacted in both 2001 and 2008.

The problem with a Keynesian (or indeed a monetary) stimulus is that it can become addictive.

It also reflects the disputes between two major schools in economics, that is, the Keynesian and the neoclassical.

What we in the western world are about to learn is that there is no such thing as a Keynesian free lunch.

Ron Paul: Well, I would think that the easiest explanation is that Washington, DC is permeated by Keynesian economic thinking.

The Keynesian era came to grief in the 1970s.

This process takes more time in the New Keynesian model than in the real business cycle model because of rigidities in wages and prices.

"I AM a Keynesian now, " Richard Nixon declared in 1971.

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